So you want to start a business. Maybe you have the perfect idea that you know will make you the next multi-millionaire. Or, perhaps you're bored with your 9-5 job and have an urge and an idea to start a business. Or, you just really want your hobby to evolve into a full career. Beyond your great idea, though, it's very possible you're struggling to find the funding you need to get started. Good news – there are options for funding beyond the most traditional (pocketbook, family and friend) sources. Some funding could certainly come from other traditional sources, such as Federal, state and local sponsored grant and lending programs. On top of those, though, there are additional non-traditional sources out there, such as: • Business Incubators/Accelerators: Incubators and Accelerators are designed to provide a suite of resources and services to early-stage companies to help them take the first major step toward a successful venture. For instance, these organizations could help you turn an idea into a prototype and provide proof of concept. Examples of these organizations exist right here in Northeast Ohio, and include BioEnterprise, Akron Global Business Accelerator, LaunchHouse and Great Lakes Innovation & Development Enterprise. • Funding Platforms for Creative Projects: There are some funding organizations that provide startups with a large audience for your concept and solicit orders for your product. This is an “all-or-nothing” approach where you can determine how many orders you must receive in order to cover the associated costs. And, if your goal is met, your project will be funded. In this approach, you could gain the awareness and foundation you need to succeed, without giving up any ownership in your company and without having any financial institutions to answer to via personal guarantees and collateral requirements. An example of this type of platform is Kickstarter. • Micro-Lending: Micro-lending is often facilitated by an organization that accepts a class of small business owners. These business owners meet select criteria, which could include being in business for typically up to a handful of years, or those that have a need for a small amount of low-interest financing. Micro-lending organizations typically have an 8-10 week curriculum where they teach the small business owners some essentials of owning and operating a business, the development of a business plan and financial projections. At the end of the curriculum, if criteria are met, an SBA guaranteed loan will be funded. These typically go up to the $25,000 range. Bad Girl Ventures is an example of a micro-lender here in Ohio. • Crowdfunding: While this concept is still very new, it is a very hot topic for 2013 and beyond. With the Jumpstart Our Business Startups Act of 2012 (JOBS Act), a whole new avenue for organizations is available to raise money, while not being subject to the strict regulations of the Securities and Exchange Commission. Qualifications must be met in order to be a candidate for Crowdfunding. And, because unknowns are associated at this point in time with the concept, we recommend you consult your business advisor to make sure you understand all relevant aspects.

Getting a business from idea to a successful and profitable organization can be quite a challenge. Connecting with the right investor continually proves to be a difficult step in the process for most startups. If you're willing to look hard and work harder for your money, and combine creative and alternative sources of funding with a strong business advisor that you trust, you're on the right path to building your business from the ground up.

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